Financial Services Technology 2020 and Beyond: Embracing disruption
The financial services industry has seen some dramatic technology-led changes over the past few years. While FinTech start-ups are encroaching upon established markets, many executives look to their IT departments to improve efficiency and facilitate innovation, while somehow also lowering costs and continuing to support legacy systems.
In support of this, our report captures the real-world implications of ten technological advances on the industry and those who must supervise and tackle them.
Ten competitive technology-driven influencers for 2020
It is clear that technology is affecting financial services in a multitude of ways. In the following section, we discuss 10 key themes that we believe IT executives will need to address as they begin their strategic planning for 2020 and beyond.
These 10 themes include:
- FinTech will drive the new business model
- The sharing economy will be embedded in every part of the financial system
- Blockchain will shake things up
- Digital becomes mainstream
- “Customer intelligence” will be the most important predictor of revenue growth and profitability
- Advances in robotics and AI will start a wave of ‘re-shoring’ and localization
- The public cloud will become the dominant infrastructure model
- Cyber-security will be one of the top risks facing financial institutions
- Asia will emerge as a key centre of technology-driven innovation
- Regulators will turn to technology as well
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